FX.co ★ November 14, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

During August, the EUR/USD pair has been trading in a narrow range between 1.0950 and 1.1050, waiting for a clear direction from the market sentiment and the economic data.

Shortly after, the pair failed to maintain upside movement above the depicted uptrend. Instead, it was broken-down terminating the sideway movement.

Shortly after, an upside pullback towards 1.1050 (backside of the broken uptrend) was considered for a valid SELLING opportunity.

Moreover, the previous downside movement of the price was expected towards 1.0780 then 1.0550 where the next support levels were located.

Recently, an upside breakout took place above the previous movement channel. since then, another sideway channel has been expressed.

The EUR/USD pair is currently overbought while breaching the upper limit of the newly established movement channel. That's why, the market will tend to decline towards 1.0800 for retesting.

On the other hand, the current ascending movement towards 1.0900 should be considered for a valid SELL Entry provided that no break above 1.095 can be maintained on daily basis.